This paper presents a holistic evaluation of the benefits and challenges of developing Chinese Australian dual masters degree programs. Through a case study of a dual masters degree programs carried out from 2012 to 2017, the research finds that both opportunities and challenges coexist in the cultivation of such programs. Opportunities lie in the benefits the participant and the institutions gained from the execution of the program，including （1） participant's gaining of unprecedented experiences, the development of her language proficiency, intercultural understanding and English academic writing ability;（2）strengthened academic cooperation between the two institutions. The challenges arise from the limited interest of these programs for Australian students, the Australia's new education policy and the adjustment of the programs' proceedings. It suggests that future programs should be more flexible especially in terms of execution procedures, and that the institutions involved in the programs have more autonomy to improve the compatibility between the two educational systems.